Franken calls for changes to credit card lawsby Mark Zdechlik, Minnesota Public Radio
St. Paul, Minn. — DFL Senate candidate Al Franken is calling for several law changes which he says would better protect consumers from creditors.
Franken wants to repeal the 2005 Bankruptcy Act. He also wants to ban credit card companies from what's called "universal default."
"There is no reason that anyone should believe that just because they missed one payment on one credit card that any other credit card company they have has the right to raise their interest rate," Franken said.
Franken criticized Republican Senator Norm Coleman for taking hundreds of thousands of dollars in campaign contributions from the financial services industry.
Coleman supported the Bankruptcy Act. Coleman's campaign said Coleman has investigated abuse in the credit card industry with his Democratic counterpart on the Senate's Permanent Subcommittee on Investigations.